• 2017 February 17 12:30

    Port Authority of New York & New Jersey approves largest ever $32.2 billion 10-Year Capital Plan

    The Port Authority Board of Commissioners approved the agency’s largest ever $32.2 billion 2017-2026 Capital Plan, which reflects the agency’s continuing return to its core transportation mission and is expected to generate 235,400 job years and $56 billion in overall economic activity for the region, Port Authority of New York & New Jersey said in its press release.

    The plan allows for $11.6 billion in major redevelopment projects to advance at the region’s major airports during the next decade, including the $4 billion LaGuardia Terminal B replacement, the largest transportation public-private partnership in the United States. It also provides for the advancement of work on Terminal A at Newark Liberty International Airport and the redevelopment of John F. Kennedy International Airport, under which Port Authority investments are expected to leverage billions of dollars of private sector investment.

    At the agency’s tunnels, bridges and terminals, the plan provides $10 billion to greatly enhance trans-Hudson commuting, including the construction of new facilities and the upgrading of existing ones. Funds are included to complete the $1.5 billion Goethals Bridge Replacement, being done through the first true surface transportation PPP in the Northeast. It also provides funding to complete the rebuilding of the Bayonne Bridge, a $1.6 billion project that will effectively provide a brand new bridge for travelers and remove an existing navigational impediment to allow modern ships to pass underneath it and keep the ports competitive. The plan includes $3.5 billion to begin planning and construction of a new Port Authority Bus Terminal in Manhattan and nearly $2 billion to complete the largest overhaul and rehabilitation of the George Washington Bridge ever undertaken in the bridge’s 85-year history.

    The Capital Plan also includes funding to rebuild some of PATH’s aging rail stations and to upgrade other critical rail system infrastructure to ensure safety and service reliability. Funds also are included to plan and build an extension of the PATH system from its current terminus at Newark Penn Station to the Newark Liberty International Airport Air Link Station, a project designed to improve airport access and enhance trans-Hudson commutation.

    To further address the region’s critical trans-Hudson transportation needs, the plan also provides the largest contribution of any stakeholder to date — $2.7 billion — for the critical trans-Hudson rail tunnel link between New York and New Jersey and Portal Bridge North projects. The contribution will pay debt service on expected borrowing by the Gateway Program Development Corporation from low-interest federal Railroad Rehabilitation and Improvement Financing loans.

    The 10-year plan will accelerate the rebuilding of the region’s aging infrastructure by leveraging billions in private sector dollars including through public-private partnerships on major transportation and terminal projects, including those at the airports and bridges. The plan’s multi-billion investment is expected to result in the creation of 235,400 job years, $20 billion in total wages and $56 billion in overall economic activity.

    The approval followed a month-long public comment period – including two first-ever public meetings in each state that were attended by commissioners and agency leadership. Prior to the Board’s vote to move the proposed plan forward on January 5 for public comment, there was robust debate and discussion by Board members over how to parcel out limited resources to the agency’s growing list of capital investment needs.

    Since the Board’s January 5 meeting, the agency received 429 comments on its plan from 365 individuals. Fifty-five speakers attended the public meetings in both states to comment on specific items in the document and 9 people Tweeted comments about it. An additional 327 comments were emailed and 12 comments were received by mail. The Board of Commissioners received periodic summaries of the public comments prior to today’s Board meeting.

    The 10-year plan approved today includes $29.5 billion in direct spending on Port Authority projects and the $2.7 billion commitment to support debt service on the Gateway passenger rail tunnel project.

    The plan outlines specific funding commitments for major capital projects the agency will invest in over the next 10 years. All projects remain subject to Board authorization processes, and, before they proceed, are subject to a rigorous “gates” review process before they proceed that look at agency revenue and the ability to finance them.




2017 September 19

18:06 Samskip expands shortsea services in Scotland
17:48 Arctic Economic Council welcomes three new members
17:25 IMO is attending 34th session of ASEAN to update the Maritime Transport Working Group on its latest activities
17:06 Turkish shipyard Cemre Marin Endüstri A.S orders 4 x MAN 8L21/31 variable speed GenSets
16:39 Marine Engineering Bureau: half of Russia’s towing fleet is renovated, bunkering fleet situation is worse
16:14 MSC announces a new service between South America’s east coast and the Mediterranean
16:04 Port of Southampton completes construction of sixth multi-story car park
15:52 Turkish landing ship Bayraktar arrived in Novorosiysk
15:27 USPA announces tender for procurement of dredging vessel
15:04 GY Marinas and P&O Marinas launch superyacht complex in Sète, France
14:39 Commissioning works commenced at KN‘s LNG reloading station
14:14 Port of Gdansk, Port of Gdynia and Baltic Gateway attended Seatrade Europe in Hamburg
14:03 Wärtsilä Nacos Platinum bridge systems selected for two new mega yachts
13:50 IMO issues Guidelines on maritime cyber risk management
13:28 IMO says search and rescue is an international responsibility
13:01 Ningbo Zhoushan Port volumes up 72% to 254,000 TEUs
12:43 NEVA 2017, 14th International Maritime Exhibition and Conference of Russia, opens in Saint-Petersburg (photo)
12:22 Fuel oil prices are still high at the Far East ports of Russia (graph)
12:04 Jan De Nul wins IADC Safety Award 2017
11:40 Secretary-General of IMO believes in a great future of Vostochny Port (photo)
11:04 CMA CGM signs strategic partnership with Infosys to accelerate the transformation of its Information System
10:45 Central Design Bureau Iceberg developed basic design of new 40-MW icebreaker
10:37 GTT receives an order from Hyundai Heavy Industries to design the LNG tanks of a new FSRU
10:23 Maritime Salvage & Casualty Response conference held in London on 13-14 September
10:01 IMarEST workshop on practical biofouling management strategies held in Melbourne, Australia
09:42 Brent Crude futures price up 0.03% to $55.52, Light Sweet Crude – up 0.12% to $50.41
09:19 Baltic Dry Index up to 1,385 points

2017 September 18

18:37 Konecranes launches Crane Advisor customer support tool globally
18:07 Diana Shipping announces time charter contract for m/v Maera
18:06 Rosmorport is looking into construction of LNG bunkering tanker of 3,000 to 5,000 cbm in capacity
17:50 Rosmorport is going to build ships running alternative fuels
17:45 Italian terminal operator Spinelli purchases another Konecranes Gottwald Mobile Harbor Crane
17:33 DP World to acquire Dubai Maritime City and Drydocks World
17:25 IMO Secretary-General Kitack Lim visited sailings ship Nadezhda in Vladivostok (photo)
17:04 Chinese warships arrived at Vladivostok
16:47 Rosmorport to start construction of shallow-draft icebreaker before the year end
16:16 Vladimir Putin endorsed a list of instructions following the meeting on development of transport infrastructure in Northwest Russia
15:20 The Azerbaijan Government announces extension of ACG PSA to 2049 with co-venturers
15:06 Craneship launches icebreaking tugboat of Project Т40105, Yuribey, built for Atomflot (photo)
14:49 Wärtsilä launches new eco-friendly tug designs
14:23 ZIM marks the 3 millionth container at DaChan Bay Terminals
14:23 Average wholesale prices for М-100 HFO up to RUB 12,481 in RF spot market
13:55 Kitack Lim says Port State Control in the Asia-Pacific region is a deliberate focus of the Tokyo MoU
12:42 Sovcomflot awarded by Russian Ministry of Energy for achievements in R&D and innovations
12:20 6 races held as part of Russian Yachting Championship for SB20 class (photo)
12:01 EU countries authorized their vessels to fish unlawfully in African waters - Oceana
11:39 SCF supports development of professional maritime education in Russia’s Far East
11:17 Russia seeks closer cooperation with IMO, Vitaly Klyuyev says
11:00 Hapag-Lloyd orders 7,700 new reefer containers
10:40 Brent Crude futures price up 0.14% to $55.70, Light Sweet Crude – up 0.10% to $50.49
10:21 IMO Secretary-General Kitack Lim is on a formal visit in Russia
10:09 South Korean terminal operator PDCT puts Konecranes Gottwald Model 4 Mobile Harbor Crane into operation
09:31 DP World not to renew operating contract in Indonesia
09:18 Baltic Dry Index up to 1,385 points

2017 September 17

17:25 India signs $76mln loan deal with Japan International Cooperation Limited to upgrade Alang-Sosiya shipyards
17:23 CMA CGM outperforms the market with very strong operating and financial results in Q2 2017
17:21 IMO issues new warning on hazards of carrying bauxite by ship
17:19 DFDS increases its volumes on the North Sea freight routes to and from the UK
17:16 General Dynamics NASSCO named ‘Greenest Shipyard of the Year’

2017 September 15

18:06 Kiel Port Prize goes to Jörn Grage of SCA Logistics